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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
ASHOK BHUSHAN, J
Century Aluminium Company Limited – Appellant
Versus
Religare Finvest Limited – Respondent
| Table of Content |
|---|
| 1. facts leading to the appeal regarding financial defaults. (Para 2 , 3 , 11 , 19) |
| 2. arguments about maintaining arbitration versus insolvency proceedings. (Para 5 , 6) |
| 3. court observations on the implications of acknowledgment of debt. (Para 7 , 12 , 14) |
| 4. deciding the arbitration application's compatibility with the ibc. (Para 13) |
| 5. final conclusion on the dismissal of the appeal. (Para 16 , 20) |
O R D E R
ASHOK BHUSHAN, J.
This Appeal has been filed challenging the Order dated 10.07.2024 passed in I.A. IBC No. 542(KB)2024 filed by the Appellant. The Adjudicating Authority by the Impugned Order rejected the I.A. 542/2024 against by which Order the Appeal has been filed.
2. Brief facts of the case, giving rise to the Appeal are:
i. In the Year 2015, Century Aluminium Manufacturing Company Limited, the Corporate Debtor approached the Financial Creditor, seeking financial assistance, by sanction letter dated 26.08.2015, loan against the Property for an amount of ₹12,50,00,000/- was sanctioned.
ii. Corporate Debtor created Security Interest by hypothecation of assets and equitable mortgage in favour of the Financial Creditor, State Bank of India and Canara Bank, being facto
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